>> the sequester, next debt ceiling debate, a number of items that might send the market 10% lower. >> that's true but i have too much money to think about policy and not enough thinking about the fundamentals. >> 90% of hedge funds conform the market. the stock market was up 7% and the hedge funds averaging 8% or show. lot of that average performance came from worrying about these speed bumps. >> you can argue they were hedged. >> that might be. >> if you and andrew have never seen a period 800 on the dow, then 1200, then 3200, then 4200, then 6200, that was unbelievable to watch for 20 years. if you've never seen that, you have no input or experience on how that feels or work out, right? that would be a whole new dynamic -- >> i wasn't alive. >> i know. when that gets gone -- >> there's not enough research to support that point, the way people experience things in 20s and 30s it's with them their whole lives. joe and i think the bull market is normal and you guys think they're abnormal. >> if you haven't been through that -- >> when i go meet with clients on the younger side of thin